Agree with the bit about frustrations, holders are justified to feel this. But if the company does get back to 80c, it will be because they have resolved their grade/production problems, so the market will re-rate them again based on improved production and cashflows. Assuming US$1,900 average sale price and using midpoints of their earlier oz/AISC guidance, they were going to do H2 op. cashflows of ~US$97M. Now, using the midpoints of their updated guidance, H2 op cashflows would be ~US$45M. The company has estimated US$50-60M but they appear to be working on top end of production, lower end of cost and a 100% basis, not 88% ownership. But even if you use their figures, say US$55M, the second half cashflow has fallen about 43%. The share price has now fallen 35%.
The analysts aren't downramping, the company is...
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